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April 13th, 2009 7:54 AM
 

If lenders choose to rely on specific appraisers or appraisal services to review the qualifications of—or even to select—an individual to perform appraisals, lenders should establish appropriate qualifications to ensure acceptable individuals are selected.

 

Fannie Mae recommends lenders require the appraiser or appraisal service that makes the selection to assume full responsibility for the quality of the appraisal. (Note: Imposing this responsibility on the appraiser or appraisal service does not relieve the lender of its warranties related to the appraisal or the condition of the property.)
Posted by Len Fishman on April 13th, 2009 7:54 AMPost a Comment (0)

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